If you own a piece of property that’s about to be vacant, you may have considered finding someone to lease or buy it all on your own. After all, why should you pay a fee to an agent just so he can slap a sign in the window and call it a day? If that’s all your agent is doing for you, then I quite agree. But in the event you aren’t clear on the many services a professional real estate agency provides, let’s review.
The Industrial Real Estate Sign
The agent’s sign in the window, on the lawn or on the side of your building has two enormous benefits.
Some agencies have instant credibility with other agents and the public. It’s something born of an agency’s proven track record, and it means that any agent, tenant or buyer can expect a high level of professionalism during the entire process.
It means an agent understands there will be no direct dealing with property owners. From personal experience, I can tell you that most agents prefer to avoid dealing directly with a property owner. Why? Property owners typically aren’t industrial real estate agents, meaning they don’t understand industry rules or how thing are done. It means a lack of experience that can drag out a transaction and often ends in a no-sale. Simply put, agents tend to avoid properties with signs announcing “For Sale By Owner.”
Agency Services to Expect
The right professional agency will perform a number of important services, including:
A full initial analysis of the property, with thoughtful advice on what should be completed before presentation to the public
A complete market analysis of vacancy rates, price trending and competing properties
Offer recommendations with asking prices and amenity data that helps advantageously place the asset in the market
Develop high-quality marketing materials
Place your property into online commercial property databases, an expense you’ll be happy to avoid yourself (our agency spends well over $75,000 each year to place client marketing materials on the right databases)
Distribute marketing materials locally, regionally and nationally
As for fees, many professionals can save you their fees through expert negotiations of the lease/sale terms or by increasing the amount you get, which effectively pays their fee.
I hope this gives you an idea of the services a proper industrial real estate agency provides. Do you still feel that you can adequately sell or lease your property alone? If so, ask yourself about the value of your own time, and whether you’d be better spent doing something more productive or investing your time and energy into industrial real estate. If you’d like to learn more about hiring an agent, we welcome the chance to answer your questions. Call or contact us today.